Wearable Medical Device Market – USA
A wearable medical device is one that is autonomous, safe, and provides a specific medical function, such as monitoring or assistance over an extended period of time.
Wearable medical aid devices are intended to offer patients with temporary or chronic disabilities with long-term assistance.
ECG (Electrocardiography), respiration, skin temperature, pulse, blood pressure, body kinematics, and other vital indicators can be continuously monitored by patients.
Market Size and Potential Growth
In 2021, the US wearable medical device market was valued at $6.90 billion, and $8.56 billion in 2022.
By 2030, the US wearable medical device market is expected to increase and reach $47.82 billion, with a CAGR of approximately 24% during the forecasted period.
The North American market held the largest share of approximately 38.10% of the global wearable medical device market.
The growing incidence of obesity and increased awareness of physical fitness motivates individuals to exercise and participate in other fitness-related activities.
A rise in chronic diseases requiring periodic monitoring and the development of advanced healthcare infrastructure is expected to fuel market expansion further.
Top Players in the US
Market Segmentation – By Product
In 2022, the Diagnostics device segment held the largest market share of approximately 63% out of the total USA wearable medical device market.
This was followed by the Therapeutic device segment which held ~37%.
Market Dynamics
Drivers
➟ Growing consumer awareness of health and fitness
➟ Increase in incidence of chronic diseases & large diabetic patient population
➟ Increasing demand for health data tracking
Challenges
➟ High Cost of Maintenance of Wearable Medical Devices
➟ Data Security & Confidentiality
Market Developments
In January 2021, Apple announced a new research collaboration with Biogen. The partnership determined how effective mHealth wearable devices were in detecting early signs of cognitive impairment, allowing healthcare professionals to build more effective care management and remote monitoring programs.
In July 2021, OMRON Healthcare, a health monitoring and therapy firm, released OMRON Complete, its first single-lead electrocardiogram (ECG) and blood pressure (BP) monitor for home use.
Extended Read: Wearable Medical Device Market Statistics
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Data Sources: Grand View Research, Fortune Business Insights, Biospace, Insider Intelligence, and other sources.
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